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Property Sale

Step 1

You will be asked to fill out a Fixtures, Fittings and Contents Form and a Property Information Form. Whilst your solicitor waits for them to be returned he will obtain the Title Deeds to your property. If you have a Mortgage the Deeds will be with your Bank or Building Society. Once the forms have been completed forms and the Title Deeds (or a copy of your Deeds from HM Land Registry) your solicitor will prepare the Contract and the “Information Pack”, comprising of the forms mentioned earlier, will be sent off to the buyers solicitor.

Step 2

Once your buyer’s solicitors have the “Information Pack” they will set about checking the documentation and undertaking the local search and any other required searches. Often the buyer’s solicitors raise a considerable number of questions – these can relate to matters such as guarantees, planning permissions, building regulation approvals, queries over boundaries, etc.

Step 3

Once all the enquiries have been dealt with and the buyers have a mortgage offer (if they are obtaining a mortgage), a completion date should then be agreed. This is the date of the actual move. Only then can the exchange of contracts proceed. Once the contracts have been agreed and exchanged you will be legally bound to the agreement and neither you nor the other party can withdraw.

If there is a long “chain” every party in the chain must be ready to exchange and agree on a completion date.

Step 4

During the period between the exchanging of contracts and completion, your solicitor should obtain a final redemption statement from your mortgage lender. This will specify the amount required to fully discharge the mortgage on the day of completion. Expect a statement showing how much will be due to you from your solicitor and make the necessary arrangements for you to sign the transfer deed (this is the document which will transfer the property to your buyers).

Step 5

On the day of completion your solicitor should receive the balance of the sale money by bank transfer. At that stage confirmation should be made with the estate agents involved for the keys to be released to your buyers. To signify the completion of the transfer of the property you should be issued with the receipt stating the capital agreed from your buyer’s solicitors.

Set out on our property purchase page are the steps involved in a purchase transaction.